In a new report, the Confederation of British Industry (CBI) has called for UK firms and the government to adopt new ‘cutting-edge technologies’, such as artificial intelligence (AI), blockchain and the Internet of Things.

In its report, the CBI found that 49% of UK firms believe AI will help to ‘fundamentally transform’ their industry, with 23% stating that it is already impacting on their sector. A further 37% believe AI will have a significant impact on their industry in the next five years.

Meanwhile, 11% of businesses surveyed by the CBI said that blockchain is already impacting on their industry, and 54% of firms revealed that the Internet of Things is changing the way they work.

However, the report revealed that only a third of UK businesses currently have the skills and capabilities to utilise AI technology. The CBI also found that firms looking to make use of the Internet of Things are concerned over the security and privacy of their devices.

The CBI has called on the government to establish a joint commission in order to examine the impact of AI on workers and jobs. It also suggested that the commission should outline how AI could boost UK productivity, prosperity and economic growth.

Commenting on the issue, Josh Hardie, Deputy General of the CBI, said: ‘The UK must lead the way in adopting these technologies, but we must also prepare for their impacts. That’s why we urge the government to set up a joint commission on AI in 2018, involving both business and employee representatives, to better understand the impact on people’s lives, jobs and our future economic growth.’